HomeMy WebLinkAbout0983 ' ~ ~ A?DJUSTABLE RATE RII~ER
' (1 YMr Wss - l~eioile a~i Lite iM~eM RaM fap~)
THiS /1DJUSTADLE RATE RlDER is t~sde tt~ 9th.. . dsy ot Navember. 19. 8S , and is
i~~n~ ie~Q ~aU ~e d~a~ed to amead ae~d suppkareat tbi Monpje. Deed of Trust or Security Deed (the
"Sen~rity liuuucoeat'ry oltAe x~ daa pv~ee by ~ uada~si~aed (tbe "lono~w~et'~ to xcucs Borrower~ Adjustabk Rate
Note (tbs "No~t'~ to .~D~t .Yitra~e~el • Corpere~focr~ •a• Co~rparat~on . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lende~'7 0! the ume date and covcrin~ tl~e propecty
' described in cbe Security Iaswmeat aad locsted s~ •
. . . , . . . . ,1566, SE ,Royal. Green Circle. V-103,. Port St:. Lucie,. Florida . . 33452 . . . . . . . . . . . . _
. . .
[h~Y ~aa+a.) .
TH~ NOTS CONTAlNS lROVISlONS ALIAWiNG FOR CHANGES [AI
TH8 iN?~EST RA'I"E AND THE MON?HLY rAYMENT.
ADOmoH~ Covw~n. ln addition to the covenaats and ssreetneats made in tht Security lnsttument. 8orrovrrr
and Lender further covrnant and apre as follcws: .
A. INTEREST RATE AND MONTHLY PAYMF.r1T CHANGES
'i°ne rioce proviaa ior an laitial laterest Itste of .~i.•.~# The Note provides for chan~es ia the interest tats and tbe
monthly paytneats, u toUows.
1. IN7EREST RAlE AND MOMHLY PAYMENT CH~?NCFC tc?QQnv~r~Q~ o~~arr t~ -
(A) Claat~ Data -
The inumt rate I will psy may chsn~e oa che first day of ......December 19 .~6~ snc! on tlsat day
cvery 12tb moach therafur. Each dace oa which my interat rate could change is catkd a"Cbaaje D~te."
(S) T~e IBds:
Bepaain~ witb the first Ct~an~e Date, my interest ate will be based on an lndex. The "1t~dex" is the wakly svera~e
yield on United Ststa Trcasury securities adjusted to a coasunt inaturity of i yur, u made svailabk by tbe,Federal
Reserve Board. The most rcant Index fi,ture tvailabk u of the date IS dsys befoce each Chan~e D~tc is caUed thc
"Curnnt Index."
the Index is no lon~e[ availabk. the Nott Holder witl ct~oose a new indcx wfiich i: based upon comparablc
intormation. The hote Holder wil! pve me notice of this choia.
(C~ Cak~ehdoa ot Cb~nsa
Before eacb Chan~e Datt, tbe Note Hotder wiU qkulate my new intercst rate by adding . 3;25.
. . . . . . . . . peranu~e points ~,25. .~i(c) to che Current Index. The Yoce Holder
will thea round the sault of this additioa to the nearcu onrei~hth of one percenuge point (0.1259b). This roundod
amouat will be my ne~x iatsrat nt~e unW the next Clnn~e Dste.
Howevet. m iaterat nte ihall aevet be incrtastd ar decreased on aay sin~le chan~e date by morc ttua ..~;00.
pcrcenu~s poinu(~ ..96) from the ratt of inttrest ! had beea paying immediacely prior ta the chan~e date. and my
rate of intece:t stsal! aever i~crase or decrease by morc than .5. AA perccna~e points . 5:44.96) from the tniti~l
' Incerest Rate over the cera~ of ttu Note. j
The Note HoWer will tben decermine the amount of tbe monthly psyment that would be sufficient to repay t!u
unpaid priacipal that 1 sm eapected to owe it the Chan~e Date in fulf oa tbe nuturity date at my ncw iaterat au in
subsuntially equal paymeats.The rcsult of this cakulation will 'be the new amount of my monthly paycnea~
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` B. ?I~ANSFER OF THE PROPERTY OR A BENEFICIAL iNTERES'T IN BORROWER
~
i Uniform Coveaant 1~ of che Security tnstrua~ent is amended W rcsd u follows:
~ Tr~uder attl~e ~ropert~ or s Deoelki~! L~terat ia DoROw~er. If alI orany Psrt of tbe Propcrty orsay iaterat in it is
~ wtd or traasfernd (oc J a ben~ficial inurou ia Borrawer a sold or tnnsternd and 8orrower is aot a astutal persoa)
` without Lender's prior writcea:.onsen~ lendsr may. s~ iu opaon, reqwre ia~med"ute payment in tuil of aD sua~s secured
~ by tbi: Security taswa~eac. Howeve~. this optioa ~lsal! not be ~zercised by [.eader if exercise is ptobibiud by lederal Itw
~ a: of tbe date of this Security Instrument. Leadet a~o shsU aot exeerix t6'ss optioa if: (a) Borrwret ausa to be submitted
" co Lender inlon~aaon required by t,ecder to evalwte tbe iauadod trandecee ss d a ne~v foan ~ beinj made to t~u
tnnsfera; snd (b) Leader rcswnably determines that LeadetSt xcwity rriU not be imp~ired by tbe loaa assumption and
thst the risk of a brac6 of any coveaans or a~reement iti thb Secwity I~wment i~ acapubk to Lendet.
To the extent pennitted by applicabk Isa. L.eoder maY ctu~e s eeasoaabk fee u a coudition to Lender': consent
eo the loaa sssumption. L,eader may stso require the tran~tem to si~n an assuw~ioa a=rameat tbat is aceepubk co
Lendsr and that obiiptes tbe traasfera to kap aU the ptomi~es ud a~raa~eats msde ia tbe Noee and in tt?is Security
` Instrumsnt. Bonowsr will contiaue to be obli;stcd uuder tbe Note aad this Security Iastrument unks~ L,tader akasa
" Bocrarrer in writini.
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